Nevada Copper Provides Underground Project Update; Releases 2020 Financials and MD&A
March 18 2021 - 08:43PM
Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF)
(“
Nevada Copper” or the
“
Company”) provides a project update for the
underground mine at its Pumpkin Hollow project (the “Underground
Project”). Additionally, the Company announces that it has filed
its audited consolidated annual financial statements and related
management’s discussion and analysis for the year ended December
31, 2020 on SEDAR.
Operations Update
- Shaft commissioning and
hoisting – Commissioning of the Main Shaft hoist is
complete; the hoist now has the capacity to hoist material at 5,000
tons per day, as well as move people and equipment as required. The
Company is currently in the process of completing the automation of
the auxiliary hoist, however, this work is not critical for
achieving steady-state production levels of 5,000 tons per day. The
repurposing of the East North Ventilation Shaft is on-going and on
schedule in support of the installation of the surface ventilation
fans.
- Electrical upgrade
– In order to enable the ramp-up of production at the
Underground Project to 5,000 tons per day, the Company needed to
upgrade and expand the electrical system underground. Last week,
the Company completed significant electrical upgrades to provide
sufficient electricity to power additional production equipment and
ventilation in support of ramp up. Additions to the mobile
production fleet were deployed in February as planned, with final
pieces of equipment to follow on schedule in Q2 2021.
-
Ventilation upgrade – The upgrading of the
ventilation system of the Underground Project is progressing on
schedule. Currently two additional fans are being installed
underground with a further two additional underground fans expected
to be installed in May 2021. Two large permanent surface fans have
been ordered and are scheduled to be installed in Q3 2021, which
will assist the Company in reaching a steady state production rate
of 5,000 tons per day.
-
Underground development and mining
- Underground
development and drilling are ongoing, establishing further access
to ore zones and stope access with grades higher than expected in
development drives. Grades over 5% have also been encountered in
the stope development areas.
- Ongoing definition drilling
continues to support the Company’s geotechnical model.
- First stopes are anticipated to be
extracted in the coming weeks, which will likely result in a grade
increase from the developmental ore currently being processed.
“We are very pleased to have recently completed
both commissioning of the Main Shaft and electrical system
upgrades, two important steps towards achieving nameplate
production. The remaining step, ventilation upgrades, is
progressing well, and we remain on target for steady state
production of 5,000 tons per day in Q3 this year,” stated Mike
Ciricillo, Chief Executive Officer of Nevada Copper. “With the
underground project expected to be ramped-up to full production in
Q3, we look forward to advancing our other key growth
opportunities, including our fully permitted Open Pit and property
exploration targets.”
Qualified PersonsThe
information and data in this news release was reviewed by Greg
French, C.P.G., and Norm Bisson, P. Eng., for Nevada Copper, who
are non-independent Qualified Persons within the meaning of NI
43-101.
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the
Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin
Hollow has substantial reserves and resources including copper,
gold and silver. Its two fully permitted projects include the
high-grade underground mine and processing facility, which is now
in the production stage, and a large-scale open pit project, which
is advancing towards feasibility status.
NEVADA COPPER CORP.www.nevadacopper.com
Mike Ciricillo, President and CEO
For further information contact:Rich Matthews, Investor
RelationsIntegrous Communicationsrmatthews@integcom.us+1 604 757
7179
Cautionary Language
This news release includes certain statements
and information that constitute forward-looking information within
the meaning of applicable Canadian securities laws. All statements
in this news release, other than statements of historical facts are
forward-looking statements. Such forward-looking statements and
forward-looking information specifically include, but are not
limited to, statements that relate to mine development plans,
production and ramp-up plans and the expected timing and results
thereof, equipment installation and exploration activities.
Often, but not always, forward-looking
statements and forward-looking information can be identified by the
use of words such as “plans”, “expects”, “potential”, “is
expected”, “anticipated”, “is targeted”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates”, or “believes”
or the negatives thereof or variations of such words and phrases or
statements that certain actions, events or results “may”, “could”,
“would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements or information are subject to known or
unknown risks, uncertainties and other factors which may cause the
actual results and events to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements or information.
Forward-looking statements or information are
subject to a variety of risks and uncertainties which could cause
actual events or results to differ from those reflected in the
forward-looking statements or information, including, without
limitation, risks and uncertainties relating to: the ability of the
Company to complete the ramp-up of the Underground Project within
the expected cost estimates and timeframe; requirements for
additional capital and no assurance can be given regarding the
availability thereof; the impact of COVID-19 on the business and
operations of the Company; the state of financial markets; history
of losses; dilution; adverse events relating to milling operations,
construction, development and ramp-up, including the ability of the
Company to address underground development and process plant
issues; ground conditions; cost overruns relating to development,
construction and ramp-up of the Underground Project; loss of
material properties; interest rates increase; global economy;
limited history of production; future metals price fluctuations;
speculative nature of exploration activities; periodic
interruptions to exploration, development and mining activities;
environmental hazards and liability; industrial accidents; failure
of processing and mining equipment to perform as expected; labor
disputes; supply problems; uncertainty of production and cost
estimates; the interpretation of drill results and the estimation
of mineral resources and reserves; changes in project parameters as
plans continue to be refined; possible variations in ore reserves,
grade of mineralization or recovery rates from management’s
expectations and the difference may be material; legal and
regulatory proceedings and community actions; accidents; title
matters; regulatory approvals and restrictions; increased costs and
physical risks relating to climate change, including extreme
weather events, and new or revised regulations relating to climate
change; permitting and licensing; volatility of the market price of
the Company’s securities; insurance; competition; hedging
activities; currency fluctuations; loss of key employees; other
risks of the mining industry as well as those risks discussed in
the Company’s Management’s Discussion and Analysis in respect of
the year ended December 31, 2020 and in the section entitled “Risk
Factors” in the Company’s Annual Information Form dated March 18,
2021. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in
forward-looking statements or information. The forward-looking
information and statements are stated as of the date hereof. The
Company disclaims any intent or obligation to update
forward-looking statements or information except as required by
law.
The Company provides no assurance that
forward-looking statements and information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements and information.
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